Open thread, June 27 - July 3, 2016

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If it's worth saying, but not worth its own post (even in Discussion), then it goes here.

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2. Check if there is an active Open Thread before posting a new one. (Immediately before; refresh the list-of-threads page before posting.)

3. Open Threads should be posted in Discussion, and not Main.

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Prediction markets reflects the opinion of those who enter in the market. AFAIK there's no barrier to the lower income strata of the popoluation.

The thing is, the markets reflect committed-capital-weighted opinions of market participants. This is not an egalitarian democracy.

Given that market participants insure against risks with the prediction market and the event of the Brexit does carry risk to some businesses I'm not sure that's empircally the case.

0MrMind10y

Possibly we (meaning I vs Epicurean Dealmaker) have a very different notion of 'elite'. I imagine the elite as the 10% (or 5% or 1%, depending on your Pareto distribution) which has enough capital to hedge against market fluctuations (or enough to create it entirely); as far as I understand instead ED means as 'elite' anyone who has enough money to invest in a market.